The first issue of Stylist magazine. Click magnifying glass to see larger image

Free women's weekly magazine Stylist hits the streets tomorrow – but founder Mike Soutar says it is not aiming to steal sales from paid-for rivals such as Grazia.

Around 400,000 copies of the magazine – which can be seen in digital form exclusively here – will be distributed in six cities across the UK.

But Soutar, who launched the men's equivalent ShortList two years ago, said it was targeting a new market: "In order for us to succeed, other people do not have to lose," he said. "I suspect Stylist will attract quite a sizeable group of people who do not buy into women's weekly magazines."

Soutar, the former editorial director of IPC, pointed to the readership of ShortList, of whom 65% do not read any other men's magazine.

He also said that its target audience of ABC1 women in their 20s and 30s numbered 4.2 million, while Bauer Media's Grazia sold 217,000 copies, leaving plenty of room for Stylist.

Stylist, which is being edited by the former More! editor Lisa Smosarski, features Angelina Jolie on its first cover.

Inside its 56 pages there are features on fashion, beauty and travel, as well as a column from TV presenter Dawn Porter and an interview with singer Natalie Imbruglia.

It will be handed out every Wednesday, the day before ShortList, in London, Manchester, Birmingham, Leeds, Glasgow and Brighton.

Parent company ShortList Media is owned by hedge fund GLG, newspaper group DC Thomson, French Connection founder Stephen Marks, film producer Matthew Vaughn and Sir David Arculus, the former managing director of Emap, who is also the group's chairman.

• To contact the MediaGuardian news desk email editor@mediatheguardian.com or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000.

• If you are writing a comment for publication, please mark clearly "for publication".